Refer to Figure 23

question 9

Multiple Choice

Refer to Figure 23.6 for a perfectly competitive firm. Given the current market price, we expect to see

• A) Entry into this industry.
• B) Exit from this industry.
• C) No change in the number of firms in this industry.
• D) Costs rise to absorb the profits earned by the firms in the industry.

---

Definitions:

Scholarly Journal

A publication containing articles and research findings, often peer-reviewed, within a specific academic discipline.

Peer-Review Process

A critical evaluation system where experts in the same field as the work being reviewed assess its quality, validity, and relevance before publication.

Journal of American History

An academic journal dedicated to publishing scholarly articles and research related to the history of the United States.

Encyclopedia Britannica

A well-established English-language general encyclopedia offering a comprehensive summary of information from various fields of knowledge.